Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year Units produced and sold 160,000 Cost of goods sold per unit $6 30 Selling price $14 Variable selling and administrative expenses per unit $1 10 Fixed selling and administrative expenses $423,000 Tax rate 28 Required Prepare a budgeted income statement for Oliver Company for the coming year Round all income statement amounts to the nearest dollar Oliver Company Budgeted Income Statement For the Coming Year Cost of goods soldFixed selling and administrative expensesGross marginOperating incomeSalesSales $ Cost of goods soldFixed selling and administrative expensesGross marginOperating incomeVariable selling and administrative expensesCost of goods sold Fixed selling and administrative expensesGross marginIncome taxesOperating incomeSalesGross margin $ Less Cost of goods soldLess Gross marginLess Income taxesLess Operating incomeLess Variable selling and administrative expensesLess Variable selling and administrative expenses Less Cost of goods soldLess Fixed selling and administrative expensesLess Income taxesLess Operating incomeLess SalesLess Fixed selling and administrative expenses Gross marginOperating incomeOperating lossNet incomeSalesOperating income $ Less Cost of goods soldLess Fixed selling and administrative expensesLess Gross marginLess Income taxesLess Variable selling and administrative expensesLess Income taxes Gross marginOperating incomeOperating lossNet incomeNet lossNet income $

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Posted on Sep 08, 2024

Preparing a Budgeted Income Statement

Oliver Company provided the following information for the coming year:

Units produced and sold	160,000
Cost of goods sold per unit	$6.30
Selling price	$14
Variable selling and administrative expenses per unit	$1.10
Fixed selling and administrative expenses	$423,000
Tax rate	28 %

Required:

Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar.

Oliver Company Budgeted Income Statement For the Coming Year
Cost of goods soldFixed selling and administrative expensesGross marginOperating incomeSalesSales	$
Cost of goods soldFixed selling and administrative expensesGross marginOperating incomeVariable selling and administrative expensesCost of goods sold
Fixed selling and administrative expensesGross marginIncome taxesOperating incomeSalesGross margin	$
Less: Cost of goods soldLess: Gross marginLess: Income taxesLess: Operating incomeLess: Variable selling and administrative expensesLess: Variable selling and administrative expenses
Less: Cost of goods soldLess: Fixed selling and administrative expensesLess: Income taxesLess: Operating incomeLess: SalesLess: Fixed selling and administrative expenses
Gross marginOperating incomeOperating lossNet incomeSalesOperating income	$
Less: Cost of goods soldLess: Fixed selling and administrative expensesLess: Gross marginLess: Income taxesLess: Variable selling and administrative expensesLess: Income taxes
Gross marginOperating incomeOperating lossNet incomeNet lossNet income	$